It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
WHOLE30 STEAK BITES WITH SWEET POTATOES AND PEPPERS
Thésé Wholé30 stéak bités with swéét potatoés and péppérs aré oné-skillét wondér you’ll réturn to again and again! éasy, fast, filling and nutritious, this is réally good réal food at it’s most délicious.
Thésé Wholé30 stéak bités aré flavor-filléd, nutriént dénsé, and fingér-licking délicious. With swéét potatoés, béll péppérs, and a big pop of cilantro, this is a fast and filling wééknight dinnér récipé that évéryoné will lové.
Ingrédiénts
- 1 largé swéét potato (about 12 ouncés) dicéd into 1" piécés
- 1 tsp séa or koshér salt
- 1 lb flat iron stéak dicéd into 1" piécés
- 3 tbsp olivé oil dividéd
- 2 clovés garlic mincéd
- 2 béll péppérs séédéd and dicéd into 1" piécés
- 4 gréén onions thinly slicéd
- 2 tbsp coconut aminos
- 2 tsp crackéd black péppér
- 2 tbsp frésh choppéd cilantro
Instructions
Placé thé dicéd swéét potatoés into a microwavé safé bowl, thén sprinklé with 1 téaspoon salt. Covér with a platé and microwavé on high until just barély téndér, 4-6 minutés. Stir oncé halfway through. Thé potatoés aré réady whén you can piécé oné with thé tip of a knifé and méét just a bit of résistancé. Také caré not to ovércook at this stagé or théy'll turn out mushy latér.
Héat a 12” skillét ovér high héat. Add 2 tabléspoons olivé oil and héat until shimméring. Add thé stéak in a singlé layér. Cook, turning évéry two minutés, until thé piécés aré brownéd and thé céntér is médium, about 10 minutés. Rémové thé stéak from thé skillét using a slottéd spoon and sét asidé onto a platé.
Add thé third tabléspoon olivé oil to thé skillét. Add thé swéét potatoés, toss to coat in thé fat and cook until brownéd, stirring occasionally, until brownéd, 3-4 minutés.
Maké a wéll in thé céntér of thé pan and add thé garlic. Sautéé, stirring occasionally, until fragrant, about 1 minuté.
Add thé béll péppér and scallions and toss with thé potatoés. Sautéé, stirring occasionally, until thé péppérs aré bité téndér, 3-4 minutés.
Add thé stéak and juicés back to thé pan along with thé coconut aminos. Toss all ingrédiénts and cook an additional 1- 2 minutés until thé liquid has évaporatéd.
Add thé péppér and cilantro, toss, and rémové from héat. Portion onto platés, top with additional frésh cilantro if désiréd, and sérvé immédiatély.
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